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维多利亚的秘密（VSCO）与韦莱韬悦（WTW）财务数据对比。点击上方公司名可切换其他公司
韦莱韬悦的季度营收约是维多利亚的秘密的2.0倍（$2.9B vs $1.5B），韦莱韬悦净利率更高（25.5% vs -2.5%，领先28.0%），维多利亚的秘密同比增速更快（9.3% vs -3.5%），韦莱韬悦自由现金流更多（$708.0M vs $-232.0M），过去两年韦莱韬悦的营收复合增速更高（12.0% vs -15.9%）
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
韦莱韬悦是一家英美联营的跨国咨询、经纪及解决方案服务商，业务覆盖商业保险经纪与风险咨询、员工福利与薪酬咨询、退休与精算服务，同时可为养老基金、机构投资者提供专业投资建议，服务网络覆盖全球多个市场。
VSCO vs WTW — 直观对比
营收规模更大
WTW
是对方的2.0倍
$1.5B
营收增速更快
VSCO
高出12.8%
-3.5%
净利率更高
WTW
高出28.0%
-2.5%
自由现金流更多
WTW
多$940.0M
$-232.0M
两年增速更快
WTW
近两年复合增速
-15.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $2.9B |
| 净利润 | $-37.0M | $735.0M |
| 毛利率 | 36.4% | — |
| 营业利润率 | -1.3% | 35.3% |
| 净利率 | -2.5% | 25.5% |
| 营收同比 | 9.3% | -3.5% |
| 净利润同比 | 33.9% | -41.0% |
| 每股收益（稀释后） | $-0.46 | $7.50 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收VSCOWTW
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.5B | $2.2B | ||
| Q2 25 | $1.4B | $2.2B | ||
| Q1 25 | $2.1B | $2.2B | ||
| Q4 24 | $1.3B | $3.0B | ||
| Q3 24 | $1.4B | $2.2B | ||
| Q2 24 | $1.4B | $2.2B | ||
| Q1 24 | $2.1B | $2.3B |
净利润VSCOWTW
| Q4 25 | $-37.0M | $735.0M | ||
| Q3 25 | $16.0M | $304.0M | ||
| Q2 25 | $-2.0M | $331.0M | ||
| Q1 25 | $193.0M | $235.0M | ||
| Q4 24 | $-56.0M | $1.2B | ||
| Q3 24 | $32.0M | $-1.7B | ||
| Q2 24 | $-4.0M | $141.0M | ||
| Q1 24 | $180.0M | $190.0M |
毛利率VSCOWTW
| Q4 25 | 36.4% | — | ||
| Q3 25 | 35.6% | — | ||
| Q2 25 | 35.0% | — | ||
| Q1 25 | 38.6% | — | ||
| Q4 24 | 34.7% | — | ||
| Q3 24 | 35.4% | — | ||
| Q2 24 | 36.9% | — | ||
| Q1 24 | 39.7% | — |
营业利润率VSCOWTW
| Q4 25 | -1.3% | 35.3% | ||
| Q3 25 | 2.8% | 18.7% | ||
| Q2 25 | 1.5% | 16.6% | ||
| Q1 25 | 12.8% | 19.8% | ||
| Q4 24 | -3.5% | 30.2% | ||
| Q3 24 | 4.4% | -34.2% | ||
| Q2 24 | 1.9% | 9.6% | ||
| Q1 24 | 12.4% | 12.2% |
净利率VSCOWTW
| Q4 25 | -2.5% | 25.5% | ||
| Q3 25 | 1.1% | 13.6% | ||
| Q2 25 | -0.1% | 14.9% | ||
| Q1 25 | 9.2% | 10.8% | ||
| Q4 24 | -4.2% | 41.7% | ||
| Q3 24 | 2.3% | -74.8% | ||
| Q2 24 | -0.3% | 6.4% | ||
| Q1 24 | 8.6% | 8.3% |
每股收益（稀释后）VSCOWTW
| Q4 25 | $-0.46 | $7.50 | ||
| Q3 25 | $0.20 | $3.11 | ||
| Q2 25 | $-0.02 | $3.32 | ||
| Q1 25 | $2.41 | $2.33 | ||
| Q4 24 | $-0.71 | $12.29 | ||
| Q3 24 | $0.40 | $-16.44 | ||
| Q2 24 | $-0.05 | $1.36 | ||
| Q1 24 | $2.32 | $1.83 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $249.0M | $3.2B |
| 总债务越低越好 | — | $9.7B |
| 股东权益账面价值 | $653.0M | $8.0B |
| 总资产 | $5.1B | $29.5B |
| 负债/权益比越低杠杆越低 | — | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资VSCOWTW
| Q4 25 | $249.0M | $3.2B | ||
| Q3 25 | $188.0M | $1.9B | ||
| Q2 25 | $138.0M | $2.0B | ||
| Q1 25 | $227.0M | $1.5B | ||
| Q4 24 | $161.0M | $1.9B | ||
| Q3 24 | $169.0M | $1.4B | ||
| Q2 24 | $105.0M | $1.2B | ||
| Q1 24 | $270.0M | $1.9B |
总债务VSCOWTW
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $8.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VSCOWTW
| Q4 25 | $653.0M | $8.0B | ||
| Q3 25 | $680.0M | $7.7B | ||
| Q2 25 | $645.0M | $8.1B | ||
| Q1 25 | $640.0M | $8.1B | ||
| Q4 24 | $429.0M | $7.9B | ||
| Q3 24 | $472.0M | $7.5B | ||
| Q2 24 | $423.0M | $9.3B | ||
| Q1 24 | $417.0M | $9.5B |
总资产VSCOWTW
| Q4 25 | $5.1B | $29.5B | ||
| Q3 25 | $4.8B | $27.4B | ||
| Q2 25 | $4.6B | $28.5B | ||
| Q1 25 | $4.5B | $28.1B | ||
| Q4 24 | $4.9B | $27.7B | ||
| Q3 24 | $4.6B | $27.2B | ||
| Q2 24 | $4.4B | $29.6B | ||
| Q1 24 | $4.6B | $30.2B |
负债/权益比VSCOWTW
| Q4 25 | — | 1.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-180.0M | $771.0M |
| 自由现金流经营现金流 - 资本支出 | $-232.0M | $708.0M |
| 自由现金流率自由现金流/营收 | -15.8% | 24.6% |
| 资本支出强度资本支出/营收 | 3.5% | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.05× |
| 过去12个月自由现金流最近4个季度 | $309.0M | $1.5B |
8季度趋势，按日历期对齐
经营现金流VSCOWTW
| Q4 25 | $-180.0M | $771.0M | ||
| Q3 25 | $156.0M | $678.0M | ||
| Q2 25 | $-150.0M | $361.0M | ||
| Q1 25 | $674.0M | $-35.0M | ||
| Q4 24 | $-248.0M | $599.0M | ||
| Q3 24 | $115.0M | $482.0M | ||
| Q2 24 | $-116.0M | $407.0M | ||
| Q1 24 | $589.0M | $24.0M |
自由现金流VSCOWTW
| Q4 25 | $-232.0M | $708.0M | ||
| Q3 25 | $88.0M | $621.0M | ||
| Q2 25 | $-193.0M | $303.0M | ||
| Q1 25 | $646.0M | $-86.0M | ||
| Q4 24 | $-299.0M | $543.0M | ||
| Q3 24 | $55.0M | $419.0M | ||
| Q2 24 | $-155.0M | $341.0M | ||
| Q1 24 | $557.0M | $-36.0M |
自由现金流率VSCOWTW
| Q4 25 | -15.8% | 24.6% | ||
| Q3 25 | 6.0% | 27.7% | ||
| Q2 25 | -14.3% | 13.7% | ||
| Q1 25 | 30.7% | -3.9% | ||
| Q4 24 | -22.2% | 18.2% | ||
| Q3 24 | 3.9% | 18.7% | ||
| Q2 24 | -11.4% | 15.4% | ||
| Q1 24 | 26.7% | -1.6% |
资本支出强度VSCOWTW
| Q4 25 | 3.5% | 2.2% | ||
| Q3 25 | 4.7% | 2.5% | ||
| Q2 25 | 3.2% | 2.6% | ||
| Q1 25 | 1.3% | 2.3% | ||
| Q4 24 | 3.8% | 1.9% | ||
| Q3 24 | 4.2% | 2.8% | ||
| Q2 24 | 2.9% | 3.0% | ||
| Q1 24 | 1.5% | 2.6% |
现金转化率VSCOWTW
| Q4 25 | — | 1.05× | ||
| Q3 25 | 9.75× | 2.23× | ||
| Q2 25 | — | 1.09× | ||
| Q1 25 | 3.49× | -0.15× | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | 3.59× | — | ||
| Q2 24 | — | 2.89× | ||
| Q1 24 | 3.27× | 0.13× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
WTW
| Health Wealth And Career | $1.7B | 58% |
| GB | $566.0M | 20% |
| Broking | $465.0M | 16% |
| Other | $113.0M | 4% |
| December Thirty One Two Thousand And Twenty Four | $67.0M | 2% |
| IE | $38.0M | 1% |
